11.06.2014 - Azerbaijanís sovereign wealth fund to invest up to $1.8bn in renminbi

Azerbaijanís sovereign wealth fund plans to invest up to $1.8bn in renminbi this year, in what would be one of the largest investments in the Chinese currency to be made public Ė and a further indication of its rapid move towards reserve currency status.
Shahmar Movsumov, chief executive of the $37bn State Oil Fund of Azerbaijan (Sofaz), told the Financial Times that the fund was applying for permission from Chinese regulators to access renminbi assets and hoped to start investing in the currency by the end of the year...............................................Full Article: Source